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Market regulator Sebi has barred Mascon Information Technologies Ltd (MITL) from the securities market for a period of two years for alleged fraudulent trading by way of offloading shares through off market transfers to Ketan Parekh related entities.

MITL offloaded a large number of shares to entities related to Ketan Parekh, the main accused in the stock market scam in early 2000, during December 2000 to March 2001 period.

In its order dated November 27, Sebi said MITL by indulging in non-genuine transactions has "thus aided and abetted the Ketan Parekh related entities who, by their transaction in the scrip after receiving the shares from the noticee (MITL), created a false and misleading appearance of trading of shares of Mascon".

Sebi has restrained MITL from accessing the securities market or being associated with the securities market in any manner for a period of two years from the date of the order.

The regulator's probe had found that MITL sold shares of Mascon Global Ltd to various entities associated with Ketan Parekh and certain Overseas Corporate Bodies (OCBs). These transactions created artificial volumes in scrip of Mascon

Global, whose promoter entity is MITL.

These huge volume in shares were later on used by Ketan Parekh related entities to indulge in manipulation of price and volume of Mascon Global.